Problems Chronobank is solving
There are a myriad of problems that ChronoBank aims to solve. Evidently, some of them are so entrenched in our society that they are not even considered problems any longer. Some of them are blockchain and crypto specific, some are general. ChronoBank will solve some of them directly and some de facto, in order of importance and simplicity, we are:
- Changing recruitment and decreasing the cost of recruitment. Currently, some recruitment companies charge in excess of 40% of the yearly salary to place a person. This is outrageous and we are aiming to lower this figure significantly by using technology and transparent reputation system in LaborX exchange.
- Trying to bring large scale adoption of cryptocurrency into the real world. We do this by, providing a token that is stable enough for everyday use and by implementing debit cards directly to the workers and settle the wages in LH, with a small premium if they elect to use LH as a base currency for the card.
- Making worker’s abuse and cheating and underpaying workers a thing of the past. This one is coincidently the worst one. Think of Dubai’s workforce from Bangladesh and India, a bunch of Mexicans in Texas, or workers from Uzbekistan in Russia. We solve this by hourly/per hour block settlement, where a delivered hour will be settled automatically by a smart contract as the hour is completed.
- Standardising the quality of a working hour among different professions and thereby, motivating everyone to try to deliver their best result in any given profession. Making individual responsible for their own time and delivery of work. Thereby, making it impossible and mostly unprofitable to be “average” for anyone.
- Trying to reduce massive wage parities between different classes of workers everywhere, think women earning less than men just because they are women. Blacks getting less than whites, etc. This is solved by a reputation system that will be implemented in LaborX exchange, where reputation is the prominent factor in determining how much a worker can charge.
These are just the direct ones, indirect ones include:
- Decrease of workers compensation insurance rates across the whole sectors by gathering enough info on the individuals using the platform.
- Simpler tax collection and other statutory charges collection, simpler and more transparent system overall.
- Further down the track, raising up minimum wages in the world
- Giving a choice in transaction and work to people in third world countries that currently that currently don’t even have bank accounts and are unable to earn anything.
Although the above does sound like a panacea against all the world’s labour problems, we think it’s all possible with enough adoption and trust in the system, which is what we are aiming to achieve first and foremost.